Let’s talk about the crazy Hoboken Real Estate Market!

1st Quarter of 2022 for both sales and rentals.

Let’s talk about the crazy Hoboken Real Estate Market and the 1st Quarter of 2022 for both sales and rentals.

𝐒𝐚𝐥𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭:

25% less new listings have hit the market and because of that we’re seeing the volume of places selling go down by 10%.

Days on the market are down from 30 days on average last year, to 17 days today. Things are moving quicker and at a higher velocity. We're seeing five to seven days, even one weekend on the market before it has an accepted offer and has buyer in place.

Available housing is down 50%. If you were in the market last year looking for 2BD/2BA at $700K-$900K, you had 7, 8, 9 places to look at any given weekend or week... now you're looking at 3-4 MAX and those places have offers on them very quickly.

Turnkey properties are a big trend. They are ready to go without a lot of renovation needed, just bring your furniture, your clothes and move on with your life. These properties are moving fast and there's very few to see when they come on the market.

We’re seeing multiple offers on every property. Two, three, four offers in the first weekend. If something needs some work or is not in a prime location, maybe it'll last the first weekend and we see some offers the second weekend, but overall we're seeing things move very, very quickly. Buyers have to be very nimble, very willing to get out and see properties as soon as they hit the market.

𝐖𝐡𝐚𝐭 𝐚𝐫𝐞 𝐭𝐡𝐞 𝐩𝐫𝐢𝐜𝐞𝐬 𝐝𝐨𝐢𝐧𝐠?

Extra demand in the market with limited supply mean prices are up about 7.5% across the board versus 2021.

𝐑𝐞𝐧𝐭𝐚𝐥 𝐌𝐚𝐫𝐤𝐞𝐭:

The rental market is something like we’ve never seen before. Pre-COVID, we had 200-300 properties on the market at a time. That ballooned to 1,000-1,200 properties almost at one point during the height of COVID. This year versus last we’re seeing the volume of rentals actually DOWN 20%. The listings coming on the market are down 60%, which is crazy.

Available housing last year at this time was an average of 1,000 places on the market at any given day — and today it’s 60! With so much demand and such limited supply, pricing is up 25% on rentals in Hoboken. Some sectors are up 50%, the larger more updated places, the places with extra bedrooms for work from home or homeschooling.

𝐖𝐡𝐚𝐭 𝐝𝐨𝐞𝐬 𝐭𝐡𝐢𝐬 𝐦𝐞𝐚𝐧 𝐟𝐨𝐫 𝐲𝐨𝐮?

Interest rates have gone up 2 points almost in the last quarter. They were at an all time low 3-3.25% and now they’re at (or even going over) 5%! If you are set on buying in the next year or so, we say hurry up and buy now! Don’t let appreciation and interest rates continue to creep on you over the next few years.

We’re expecting double-digit appreciation again this year - it’s a market like we’ve never seen. As interest rates rise many would-be buyers would typically shift to renting, but with rents up 25-50% it's not the cheaper option it usually is.

Listings are down 50% on sales, 60% on rentals, with a one way flow of people coming in. Manhattan is buzzing again, people are going back into the city and don't want the 1-1.5 hour commute.

Everybody’s situation is highly personalized, so feel free to reach out to us. We'll customize a plan for moving in the most timely fashion, saving the most money you can, and in the least stressed possible way during a big move in a crazy market.

We’re here to help, guys. I hope to see you soon! Take care.